Examlex
What are two factors about objects in an area that can distort a mental map?
Monopolistically Competitive Industries
Industries in which many firms compete by selling products that are similar but not identical, allowing for product differentiation.
Lack of Variety
A situation in a market where there are few different options or types of products available to consumers, potentially leading to decreased consumer satisfaction.
Close Substitute
A product or service that can easily replace another in consumption or use, due to similarities in characteristics or functionalities.
Monopolistic Competitors
Companies that are in a competitive market structure but with differentiated products, allowing them small amounts of market power to set prices.
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